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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 20, 2024 11:30 UTC
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ALGO Price Surges 106%: Is $1 on the Horizon for 2024?
ALGO has gained 106% in 16 days, breaking above the 23.60% Fibonacci level and challenging the 100-week EMA.
Bullish momentum may push ALGO to $0.6733 (61.80% Fibonacci) and the $1 psychological mark in 2024.
A bearish pullback risks losses down to $0.14 or $0.10, testing previous support levels.
With a bullish recovery in the altcoin segment, Algorand is back on the list of top performers. Over the last 7 days, the ALGO price has increased by 60% and is inching closer to a $2 billion market cap. Furthermore, the 24-hour trading volume of Algorand has crossed above the $300 million mark, supporting the bull run.
With a bullish recovery at play, will the Algorand price surge to $0.30? Let’s find out in our latest ALGO price analysis.
ALGO Price Analysis
In the weekly chart, the ALGO price trend shows a massive bullish reversal, undermining the long-term bearish influence. The ALGO price has increased by 106% with three consecutive bullish candles in the last 16 days.
The ALGO price has surpassed the 23.60% Fibonacci level at $0.1905. Starting the recovery from the $0.10 psychological mark, the altcoin is now trading at $0.225.
With the resistance trendline breakout, the bull run in ALGO prices is now heading to challenge the 38.20% Fibonacci level at the $0.30 psychological mark. The trendline breakout rally is facing a bullish closure above the 100-week EMA.
Technical indicators:
MACD: As the bullish trend gains momentum, the MACD and signal lines have diverged to regain the bullish alignment. Furthermore, the bullish histograms have resurfaced in the MACD indicator, signaling a surge of trend momentum.
EMA: The ALGO price has surpassed the 50-week EMA line and is now challenging the 100-week EMA. Meanwhile, the uptick in the 50-day EMA has increased the chances of a bullish crossover with the 100-week EMA if the uptrend continues.
Will ALGO Price Recover $0.20?
As the broader market recovers, the uptrend in Algorand’s price could reach the 61.80% Fibonacci level at $0.6733. This will increase the chances of the altcoin reclaiming the $1 psychological mark to reach 78.60% Fibonacci level at $1.17. Hence, with an upside of 411% in 2024, this is one of the best breakout tokens to buy in the market.
However, the downside risk in the ALGO price is as significant as the returns. In case of a bearish pullback, the downfall could reach the $0.14 mark near the broken resistance line or take a quick plunge to the $0.10 psychological mark, negating the bullish improvement.
FAQS
ALGO has surged by 106% in 16 days, breaking key resistance levels and trading at $0.225.
With bullish momentum, ALGO aims for the 38.20% Fibonacci level at $0.30, potentially heading to $1 and beyond in 2024.
A reversal could push ALGO back to $0.14 or the $0.10 psychological mark, wiping out gains.
Yes 
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